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SpatialNews.com Press Release
Digital Map Products Secures $1.4 Million in Series C Financing
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LOS ANGELES March 9, 2005--Keiretsu Forum, the nation's largest angel investor network, today announced its investment in Digital Map Products (DMP), developer of high-performance Internet-hosted software that provides intelligent, map-based, decision support for government and private sector organizations. DMP's products for the non-technical audience are delivered via application subscription service (ASP). DMP has closed its C Round with $1.4 million in equity funding, with Keiretsu Forum members as lead investors. John Dilts, President of Keiretsu Forum's Los Angeles and Westlake Village Chapters, stated that Keiretsu members invested the initial $450,000 in the round.
DMP presented its ground-breaking technology at the Westlake Chapter of Keiretsu Forum at the end of last year. The company was seeking $1 million in convertible debt financing to prove an expansion model in three new geographic territories in preparation for a later Series C round for a broader-scale, national expansion. Subsequent to the excitement generated at the Westlake Chapter, Dilts introduced DMP to the Los Angeles, Long Beach, and Bay Area Chapters of Keiretsu Forum over the following weeks. DMP has closed its C Round with $1.4 million raised in only sixty days.
"We are very optimistic about the future of Digital Map Products. We expect to see exponential growth in company revenues in the coming years," explained Dilts who personally invested in the round. "This company has all the makings of a home run for our investors including a seasoned management team, leading-edge technology and a rapidly expanding customer base within a large market."
Jim Skurzynski, DMP's president, added: "In addition to the actual investment raised through the Keiretsu Forum, we were provided with several venture capital contacts for our Series C round and some great sales leads within the builder-developer community, one of our hottest markets right now."
First funded in late 2000, the company has used $3.5 million in angel investment to transform its initial prototype into a viable business that now hosts more than 25,000 registered users, representing more than 100 client organizations from both the public and private sectors that pay regular subscription fees to use the service. The majority of the new convertible debt money raised will be used for additional staffing. The company has since completed the database coverage for Phoenix, Seattle, and Northern California and hired sales staff in those areas. DMP has also hired its first dedicated product manager and is in the process of hiring additional software engineering and data development talent. The money raised above the initial target also allowed the company to accelerate the hiring of a well-seasoned CEO who will be instrumental in rapidly growing the company to its next level of success.
Keiretsu Forum is the fastest-growing angel investment community in North America, with more than 300 members throughout its network of chapters reaching from Hawaii to Boston. The Los Angeles Chapter provides quality deal flow for its members within a collaborative business environment. Forum members review diverse investment opportunities in emerging technologies, including software, life sciences, healthcare, and biotech as well as opportunities in real estate, media/entertainment, consumer products and any segment with high-growth potential.
About Keiretsu Forum
Keiretsu Forum is an investment community of accredited private equity investors, venture capitalists and corporate/institutional investors. Keiretsu is a North American network of capital resources and deal flow with chapters in Southern California (Los Angeles, Westlake Village, Long Beach, and San Diego), Northern California (San Francisco East Bay and Silicon Valley), Boston/New England, Chicago/Midwest, Hawaii/Pacific Rim, and Calgary, Canada. For more information, please visit www.keiretsuforum.com.
About Digital Map Products (DMP)
Headquartered in Costa Mesa, California, Digital Map Products (DMP) is a privately held company founded in 1996 to provide map enabled software applications and next generation geospatial systems (GIS) to a wide variety of industries including government, building, land development, real estate, public works, and utilities. DMP is servicing these markets by combining the power of geospatial technology with the accessibility and convenience of Internet access to create finished product solutions. DMP's products are built on the DigitalMapCentral platform, a flexible high-performance mapping application development platform in a hosted environment. DMP's solution results in minimal overhead, rapid deployment, ease-of-use, and high performance. More information about DMP can be found at http://www.digitalmapproducts.com.
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